Polls: Economic

Abuja, Nigeria. July 31st, 2018-The NOIPolls Personal Well-Being Index (PWBI) report for Q2, 2018 revealed a minimal increase of 0.4-point to stand at 65.2-points from 64.8-points obtained in Q1, 2018. The magnitude of the positive perception of the various aspects of one’s life, altogether, is determined by the Personal Well-Being Index.

Four out of the seven factors that constitute the PWBI experienced an increase while the remaining three experienced a decrease. The highest increase, as usual, was seen in the Religion Index with a 1.2-point increase to stand at 90.3-points from the 89.1-points obtained in Q1, 2018. Interestingly, the Economic Index also increased, though minimally, to 42-points in Q2, 2018 from 41.8-points of Q1, 2018, indicating a 0.2-point difference. This slight increase corroborates the report by the Federal Government of Nigeria that Nigeria’s economic outlook for 2018 and over the medium term witnessed an upward trend. This win, according to the Ministry of Budget and National Planning was achieved as a result of series of short term interventions aimed at reflating the economy. Economist and stakeholders in the ministry have also attributed the country’s growth acceleration to improved oil prices, revenue, production, and the recently introduced foreign exchange measures that contributed to better foreign exchange availability.[1]

On the contrary, the Personal Security Index saw the highest decline of 1.1-point to stand at 63.5-points in Q2, 2018 from 64.6-points obtained in Q1, 2018. The reason for the drop in the Personal Security Index may not be far from the series of security breaches across the length and breadth of the country which require urgent and stringent steps to contain them. These are the key highlights from the Q2, 2018 Personal Well-Being Index survey.

In February 2014, NOIPolls Limited introduced its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Business Confidence Index (EBCI). The NOIPolls Personal Well-Being Index measures factors impacting on the lives of everyday Nigerians; thereby producing a complete view of the individual’s personal well-being. The NOIPolls Consumer Confidence Index provides consumer assessments of the economic situation and their intentions and expectations for the future. The NOIPolls Eagle 30 Business Confidence Index measures business leaders’ perceptions and expectations about the Nigerian business environment using the top 30 companies in the country.

Nigerian businesses, financial and government agencies largely depend on the perceptions and micro assessment of consumers’ expectation in making decisions. At best, they draw conclusions on the business environment based on information from their immediate surroundings, while the minorities conduct surveys that are time and money consuming. However, the introduction of these indices provides indicators that will ensure stakeholders can detect and respond to changes in consumer behaviour, the economy, and the business environment in Nigeria.

This report presents the Q2, 2018 results for the NOIPolls Personal Well Being Index (PWBI).

THE NOIPOLLS PERSONAL WELL-BEING INDEX (PWBI)

Findings from the Q2, 2018 report revealed a slight upward trend in the PWBI to stand at 65.2-points. It is worthy to note that the Religion Index, which measures people’s satisfaction with their personal religion, has always been a major influencing factor in the overall PWBI. Additionally, a breakdown of the seven key indicators that make up the PWBI showed that Nigerians were mostly satisfied in terms of Religion (90.3-points), Social Interaction (79.3-points), Physical Health (76.6-points) and Personal Security (63.5-points). All those indices are above average. Also, the findings indicated that Nigerians were rather neutral in terms of their Achievement in Life (53.1-points) and Standard of Living (51.8-points) indices while some Nigerians were not satisfied with their personal economic situation (42-points) index, which happens to be the lowest ranked among the indices. These seven (7) key indicators that comprise of the PWBI are highlighted in the chart below;

Personal Standard of Living Index – 51.8

The Personal Standard of Living Index decreased by 0.2-point in Q2, 2018 from the 52-points obtained in Q1, 2018 to stand at 51.8-points and is indicative of a slight negative trend in the satisfaction of Nigerians in their Personal Standard of Living in Q2, 2018.

Personal Health index – 76.6

This index also decreased with 0.2-point to stand at 76.6-points in Q2, 2018 in comparison with 76.8-points obtained in Q1, 2018.

Personal Achievement Index – 53.1

This index increased marginally by 0.8-point to stand at 53.1-points, indicating a neutral stance in the level of satisfaction in the personal achievements of Nigerians in Q2, 2018.

Personal Security Index – 63.5

The personal security index decreased from 64.6-points in Q1, 2018 to 63.5-points in Q2, 2018 representing the highest decrease of 1.1-points.

Personal Social Interaction Index – 79.3

This index experienced an increase of 0.9-point to stand at 79.3-points in Q2, 2018. This shows that Nigerians still have a high level of social interactions amongst themselves. This is even most compelling in a multi-ethnic and multi-cultural society like Nigeria.

Personal Religion Index – 90.3

The Personal Religion Index has always been the highest index amongst the indexes, which is suggestive of how religious the citizens are. The Personal Religion Index increased by 1.2-points to stand at 90.3-points in Q2, 2018 from 89.1-points obtained in Q1, 2018.

Economic Index – 42.0

The Economic Index also witnessed a minimal increase of 0.2-point to stand at 42-points in Q2, 2018 from 41.8-points of Q1, 2018. This index has consistently been the lowest ranked index over the years and this implies that much is still needed to reinvigorate the economy of the nation.

TREND ANALYSIS

A study of the trend analysis of the results obtained from the Q2, 2018 PWBI showed that four out of all the seven key indicators that constitute the PWBI increased while the remaining three indices experienced a decline. Furthermore, the quarter-on-quarter analysis showed that the NOIPolls PWBI experienced a minimal increase of 0.4-point to stand 65.2-points in Q2, 2018 when compared to 64.8-points of Q1, 2018.

Finally, results obtained from the NOIPolls PWBI for Q2, 2018 revealed that there was a nominal increase of 0.4-point in the Personal Wellbeing of Nigerians but majority are yet to be satisfied with their Economic Situation, as the index stood at 42-points and still remained the lowest ranked index amongst the seven factors that made up the NOIPolls PWBI. Although, the Economic Index increased marginally, it has consistently ranked below average. Also, the Religion and Social Indexes witnessed an increase of 1.2-points and 0.9-point respectively, therefore, wellbeing may be best thought of as a self-motivated process, evolving from the way in which people interrelate with the world around them.

Previous studies suggest that there is a very high tendency for people to become successful in life, build a strong bond or cohesive relationships and contribute to a stronger community when they are happier, leading to a healthier society (economy). Also, improved indicators of the personal wellbeing (Personal Standard of Living, Personal Health, Personal Achievements in Life, Personal Security, Personal Social Interaction, Personal Religion and Economic Situation) can have a range of benefits for the communities in which we live, thereby, strengthening our economy. Hence, there should be concerted efforts to bring wellbeing into policy-making in Nigeria. The Ministries, Departments and Agencies that form the Nigerian government should be required to provide reports on how their policies will improve wellbeing, as one of the key aims of government is to promote a good life: a life which has meaning and in which people feel happy.

Survey Methods

The Personal Well Being Index Poll was conducted in Quarter 2, 2018. The PWBI involved telephone interviews of a random nationwide sample. 1,000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed. With a sample of this size, we can say with 95% confidence that the results obtained are statistically precise - within a range of plus or minus 3%. NOIPolls Limited, No1 for country specific polling services in West Africa. We conduct periodic opinion polls and studies on various socio-economic and political issues in Nigeria. More information is available at www.noi-polls.com and you can download our mobile app NOIPolls on your smartphone.

Disclaimer

This press release has been produced by NOIPolls Limited to provide information on all issues which form the subject matter of the document. Kindly note that while we are willing to share results from our polls with the general public, we only request that NOIPolls be acknowledged as author whenever and wherever our poll results are used, cited or published.

NOIPolls hereby certifies that all the views expressed in this document accurately reflect its views of respondents surveyed for the poll, and background information is based on information from various sources that it believes are reliable; however, no representation is made that it is accurate or complete. Whilst reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors or fact or for any views expressed herein by NOIPolls for actions taken as a result of information provided in this report. Any ratings, forecasts, estimates, opinions or views herein constitute a judgment as at the date of this document. If the date of this document is not current, the views and content may not reflect NOIPolls’ current findings or thinking.